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"Rebalancing is continuing...all factors are positive and we are capable of achieving a balance" by end 2018, Mazrouei told CNBC Arabia television.
He said that oil stocks have continued to decline, but insisted that "we still have another 100 million barrels left that we intend to reduce."
The 14 members of the OPEC cartel and 10 non-members agreed in December to extend to the end of 2018 an oil cut agreement that has helped push up crude prices as they recover from a dramatic slump.
Producers have hailed the cut of 1.8 million barrels per day as a major boost for crude markets and say implementation is at 122 percent.
The number of producers who have joined the deal has climbed to 30 countries from 24 originally, he said.
Since the pact took effect in January 2017, oil prices -- which fell to under $30 a barrel in 2016 on the back of a production glut -- have now recovered to just under $70, helped by regional tensions in the Middle East.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)